Kyiv, Ukraine, November 19, 2008—IFC,
a member of the World Bank Group, is supporting the development of the
private equity sector in Ukraine, Belarus, and Moldova by participating
in the Emerging Europe Growth Fund II, a new private equity fund managed
by Horizon Capital.
IFC has committed $20 million to EEGF II, which raised $390 million
from the diverse group of investors from the United States and Europe.
The fund will invest in fast-growing small and medium enterprises in Ukraine,
Belarus, and Moldova. It will focus on expansion and buyout opportunities
in core industries serving the emerging middle class, including financial
services, consumer goods, retail, and industrial goods.
“We are pleased to welcome IFC as an investor and limited partner in EEGF
II,” said Natalie A. Jaresko, Horizon Capital’s Co-managing Partner.
“IFC's commitment will support our efforts to invest in private companies
in the region and help them become market leaders by improving their competitiveness
and sustainability. IFC will also help us add value to portfolio companies
by introducing international best practices in corporate governance and
David Wilton, New Business Manager at IFC’s Private Equity and Investment
Funds Department, said: “Private equity is becoming an increasingly
important sector globally and in emerging markets, particularly in these
challenging times. IFC’s aim is to catalyze the growth of the private
sector by supporting local fund managers in priority markets such as Ukraine,
Moldova, and Belarus”.
Nena Stoiljkovic, IFC Director, Central and Eastern Europe, added, “IFC
continues to support the private sector in emerging markets by developing
local and international partnerships. Our investment in EEGF II will help
increase the supply of financing and other value-added services to private
enterprises that will stimulate employment and labor productivity in these
Ukraine became a shareholder and a member of IFC in 1993. As of June 30,
2008, IFC has invested about $988 million in 42 projects in the country.
IFC’s investment program has expanded rapidly, with a focus on Ukraine’s
financial, agribusiness, energy efficiency and cleaner production, and
infrastructure sectors. IFC also offers advisory programs in Ukraine
on leasing, agribusiness, mortgage finance, energy efficiency, and improving
the business environment. For more information, visit www.ifc.org/ukraine.
IFC, a member of the World Bank Group, creates opportunity for people to
escape poverty and improve their lives. We foster sustainable economic
growth in developing countries by supporting private sector development,
mobilizing private capital, and providing advisory and risk mitigation
services to businesses and governments. Our new investments totaled $16.2
billion in fiscal 2008, a 34 percent increase over the previous year. For
more information, visit www.ifc.org.
About Horizon Capital
Horizon Capital is a private equity fund manager that originates and manages
investments in mid-cap companies with outstanding growth and profit potential
in Ukraine, Moldova and Belarus. Currently, Horizon Capital manages three
funds—Emerging Europe Growth Fund, LP; Emerging Europe Growth Fund II,
LP; and Western NIS Enterprise Fund—with more than $600 million under
management. For more information, visit www.horizoncapital.com.ua.